Swiss to Vote on Central Bank Gold Reserves

A rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government. The collection of the necessary 100,000 signatures over 18 months was hard going but a last-minute effort ensured they reached the goal in time, activists said on Wednesday. People’s Party parliamentarian Luzi Stamm criticised the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard.

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level.

By Urs Geiser, swissinfo.ch
Mar 20, 2013 – 17:34
A rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government. The collection of the necessary 100,000 signatures over 18 months was hard going but a last-minute effort ensured they reached the goal in time, activists said on Wednesday. People’s Party parliamentarian Luzi Stamm criticised the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard.

“Gold reserves guarantee the stability of the Swiss franc. They ensure that that private savings, salaries, pension keep their value,” Stamm said. He warned gold must not be the object of speculation for the SNB or for politicians. The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level. Promoters say higher gold reserves will boost the SNB’s credibility. In addition, they want to force the government to disclose where the gold reserves are stored. An important part of the reserves are kept in the United States, according to People’s Party parliamentarian Lukas Reimann. He doubts whether the heavily indebted country can be trusted with the Swiss gold. “It is only in safe hands if it is kept in Switzerland,” he told journalists.
Keeping prices stable

The SNB, which has to guarantee price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons. The rightwing campaigners said the bank made a meager surplus off the gold it sold, which went for a “pathetic price” of CHF16,000 ($16,900) per kilogramme on average. By 2005, the proceeds of CHF21 billion had been distributed among the 26 cantons and the national government. A previous proposal by the People’s Party to spend all the proceeds on the state’s old age pension system was rejected at the ballot box in 2002. A government plan to use part of it to fund humanitarian projects was also thrown out.

19 thoughts on “Swiss to Vote on Central Bank Gold Reserves”

OK, name me one country that wants their national currency to be stable. Switzerland is printing like crazy to not have a stable currency, but ride the wild surf of the Euro exchange rate.
13 years ago though….when exactly did the prime banking nation of the world get the memo that the gold standard had been abolished?
My country’s CB declared that they’d started selling gold because, well, it was the fashionable thing to do in the West.

“My country’s CB declared that they’d started selling gold because, well, it was the fashionable thing to do in the West.”

Isn’t that the part where mothers everywhere ask their children, “If all your friends were jumping off a cliff, would you jump too?”. lol

One would think AND hope that the Swiss know more about monetary assets and stable banking practices than virtually everyone else. They have been a country for 600+ years or so and they have been known for their banking expertise for nearly that long. One would think that they would understand the true value of gold is that it is MONEY… and has been for over 8 times as long as they have been a country. That’s a pretty strong record.

If Americans tried this same thing today we would see troops in the streets tomorrow. Just like if we ever really got serious about “throwing all the bums out”. If political polls ever showed both parties being thrown out, they would stop the election!

I can’t help but wonder – why hasn’t someone(s) TAKEN them out (vs throwing them out)???
I’m extremely new to this, but the more I read – the scarier it gets…. If a few of the ‘top dogs’ in these different (criminal) organizations got taken out – that would be a much stronger message to the rest then any political rally or blog or…… wouldn’t it????
Or would that just make them martars (sp?) to all the brainwashed Joe public?

I should mention – not recommending anyone on here do this – just the thought has crossed my mind – why hasn’t this happened?

JPMorgan agrees to return $546 million to MF Global customers
JPMorgan, which held MF Global funds in several accounts, agrees to a settlement filed in Bankruptcy Court. The trading firm collapsed in October 2011 with $1.6 billion missing.

I pretty well think that the World’s Central Banks have gained total control of just about every country’s government in the entire world, maybe a couple of exceptions. I think you can figure out who the two are. The Central Banks have gotten so out of control like a dog chasing a car and the car stops and the dog has no idea what to do with the car. All this means as for instance JPM’s complex operations along with other controlling banks, (The Fed) are invariably losing control and will be the first to vomit up the deceptions and go tits up in the process. I would not be surprised if The IMF starts skating on thin ice to boot.
The Cyprus event is without a doubt the microcosm of what is coming to roost. Cyprus was slated to fall earlier when Greece became a problem. Italy, Spain an France will surely follow lockstep and the Caca will soon hit the fan in gross magnitude, setting off worldwide bank runs to say the very least. IMO we should be draining our savings stepping up IRA payments or totally cashing out and putting our Fiat under the mattress or in another way hiding it in plain site. The deluge will make the dog running after the car to start barking one helluva lot louder and chasing the car could make the dog stumble and fall under the wheels. Willie stated that he would love to see Gold and Silver drop in price as to make both more appetizing for common folk to buy and the investors in the Stock and Bond markets will run and not walk to buy into precious metals. The working people in this country are losing faith rapidly in the all the clowns of government.
I have stated here before on The Doc, that the Guru’s that post here keep sitting on the side of our beds, telling us how great things are going to be, well I confess that I placed the shoe on the wrong foot. It is The Fed, our government, the multiples of Central Planners that are lying and telling us how great things are and how much greater our economy and lives are going to be, but the Guru’s who post here are absolutely right! I don’t pay attention to charts whatsoever as when the Reset happens the charts can’t be made fast enough to be anywhere near informative as the world changes so rapidly that even the financial rah, rah bullshit artists on Bloomberg, Fox Financial, CNBC or others will be exasperated. We will wake up one morning to the news that a financial collapse has occurred and we savor the fact that we have smartly stacked our Silver and Gold with a big smile on our faces and now know that we must protect it with our lives.
The Truth will prevail above all lies!! I suggest alternative media sources for the Truth!

@Ranger Well said Ranger I’m with you. The Elite have sneaked their way into every Government on the planet and the ones they haven’t are being attacked by the corrupt Politicians aided by the Elite to get them under control with wars and accusations and they don’t care how many are dying.
When this all comes to an end, it will be overnight and many a bank will close. I’m just glad that I don’t have much in them.

This is another example of well placed mistrust by the people of the central banks. It’s one thing when a central bank asks that its gold be returned, such as is the case in Germany. This sends a clear message amongst the chummy central bankers that the level of trust no longer exists, or at least has been degraded substantially. When the Swiss people take their powerful votes to the government demanding a gold count and repatriation, if needed, the distrust extends deep into the psyche of the people and country. IMO this mistrust is well placed. These eduated people undoubtedly read up on the situation with the gold held in the US. Sprott makes it clear the gold deficiency in the US is at least 4,000 plus tons and probably much more, even as much as is purpostedly held in Fort Knox of the US Fed building in NYC. The constant drumbeat of demands for gold repatiation is a clear call that gold is assuming its rightful place as a primary monetary metal and a required backing to FIAT

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